EPF contributions up to Rs 1.50 lakh in a financial year give tax relaxation under Section 80C of the Income Tax Act. This facility is provided to old tax regime taxpayers.
Up to 12 per cent contribution, there is no tax on the interest earned through EPF contribution.
One of the best benefits of EPF is that there is no tax on the maturity amount, irrespective of your salary slab.
EPF provides monthly pensions not only to employees but also to dependents. In case of early death of the subscriber, it provides pension to family members.
EPF has a lock-in period of the retirement age or 10 years of service, but under specific conditions such as purchase of residential house or construction, medical treatment, and higher education, EPFO allows withdrawal of the fund.